解码“灰马股”长跑秘诀、剖析量化“织网捕鱼”、挖掘医药核心机会！三大基金经理最新研判

Group 1 - The article emphasizes the unprecedented transformation and challenges in the capital market, highlighting the urgent need for professional investment research to optimize asset allocation [1] - The Chinese public fund industry is undergoing a profound ecological transformation from scale expansion to high-quality development, injecting new vitality into the market through the iteration of fund manager teams and the deep restructuring of investment research systems [1][2] - The "Fund Manager Weekly Review" column aims to provide a professional perspective on industry trends by engaging in deep dialogues with outstanding fund managers, thereby creating a bridge between industrial transformation and asset allocation [2] Group 2 - Fund manager Tian Junwei from Bosera Fund focuses on the "gray horse stocks" investment strategy, which combines value and growth investing to capture long-term growth at reasonable prices [3][6] - Tian's investment style emphasizes a GARP (Growth at a Reasonable Price) strategy, which has evolved over the years to include a broader range of industries and a combination of bottom-up stock selection and portfolio management [6][7] - Tian identifies high-growth and high-quality growth stocks as key investment targets, using PEG ratios for high-growth potential companies and focusing on consumer industry leaders for high-quality growth [8][9] Group 3 - Tian Junwei's investment approach is characterized by left-side positioning, where he enters stocks at low valuations or early in industry cycles, as demonstrated by his early investments in the CRO/CMO sector [10][11] - He has shifted his focus from mature industry lifecycle companies to early-stage opportunities in emerging industries, indicating a strategic pivot to capture new growth potential [12][13] - Tian's investment framework has been upgraded to a composite model of "contrarian investment + portfolio management," allowing for effective control of portfolio volatility even during market downturns [14] Group 4 - Tian's excess returns primarily stem from individual stock selection, with asset allocation and industry configuration contributing less to performance [15] - He has identified three major investment directions: digital transformation, security and self-control, and emerging and future industries, with a focus on long-term trends rather than short-term market fads [15][16][18] Group 5 - Fund manager Jiao Wenlong from ICBC Credit Suisse Fund discusses the evolution of quantitative investment strategies in the context of AI and large models, emphasizing the need for multi-dimensional perspectives to identify systemic issues and investment opportunities [19][22] - Jiao's experience in quantitative investment has led him to develop a comprehensive strategy that includes both active and passive management, focusing on building a unified system behind asset and strategy management [26][28] Group 6 - Fund manager Liang Furui from Great Wall Fund highlights the ongoing hot market for innovative drugs, emphasizing the importance of understanding the industry's cash flow and technological breakthroughs [32][33] - Liang's fund has achieved a year-to-date return of 71.21%, with a significant portion of the portfolio allocated to Hong Kong stocks, which have contributed positively to performance [34] - He notes that the current valuation uplift in the Hong Kong market is driven by policy benefits, global liquidity, and market sentiment, indicating a favorable environment for innovative drug companies [35] Group 7 - Liang emphasizes the importance of precise stock selection in the innovative drug sector, identifying ADC and dual/multi-antibody fields as key areas poised for growth [36] - He argues that the investment logic in innovative drugs is based on scientific exploration and understanding of biological mechanisms, contrasting it with the more speculative nature of AI healthcare investments [38]